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Inside Take: More to the BofA MSR sale story?

January 3, 2013

By Paul Muolo / pmuolo@imfpubs.com

Inside Mortgage Finance's story on Bank of America scuttling its sale of $14 billion of high-touch mortgage servicing rights garnered quite a bit of interest from readers on Thursday, and brought in several new leads.

Although the bank, as a policy, does not discuss sale rumors, we heard renewed talk that BofA was contemplating the sale of $100 billion in MSRs at some point late last year. We'll be updating the story as part of IMF's Friday 'What We're Hearing' column…

Meanwhile, by January 9 or so, the Consumer Financial Protection Bureau’s (somewhat) final rule on Qualified Mortgages should leak out. For more information contact: tressler@imfpubs.com...

 

 

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What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.

17%

There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.

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There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

11%

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